Why Bed Bath & Beyond Stock Was Down on Monday
Bed Bath & Beyond (NASDAQ: BBBY) stock started off this week on a volatile note, first falling by more than 5% by 10:30 a.m. ET Monday, and then recovering most of that. It was down by just 0.3% as of 2:35 p.m. ET. The S&P 500 was up by about 1% at that time. It's been a difficult year for the struggling retailer -- its shares are down more than 70% so far in 2022.
Monday's drop wasn't sparked by any specific news from the company, but instead reflected a souring mood on Wall Street about Bed Bath & Beyond's turnaround prospects.
The retailer's last earnings report showed that it was dealing with more than its share of bad news. Sales dove by 26% in its fiscal second quarter (which ended in late August) due to a combination of supply chain issues and plunging store traffic. Bed Bath & Beyond also had to cut prices to try to keep inventory levels from surging, leading to a much weaker gross profit margin. Its net loss for the quarter was $366 million, and even on an adjusted basis, it lost $256 million.
Source Fool.com
